国海证券:腾讯控股Q2核心业务延续增长韧性,关注AI生态价值释放

国海证券
15 Jul

1、主要财务指标前瞻:我们预计公司2025Q2实现营业收入1796亿元(YoY+11%)。其中增值服务883亿元(YoY+12%),增值服务中游戏业务564亿元(YoY+16%)、社交网络319亿元(YoY+5%),在线广告业务357亿元(YoY+20%),金融科技和企业服务536亿元(YoY+6%)。预计公司2025Q2毛利率55%(YoY+2.0pct),毛利润994亿元(YoY+16%);...

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